Life and Health Law 1 CH 26
Can an agent in charge be designated as the agent in charge for more than one location?
Yes, as long as insurance activities requiring licensure as an agent do not occur at any location when the agent is not physically present
An emergency cease and desist order would be issued by the Office of Financial Regulation in all of the following circumstances except:
The office finds that a subpoenaed person has not appeared before the court.
An unaffiliated agent may affiliate with which of the following?
They may not affiliate with anyone
Which of the following is not true regarding unaffiliated agents?
They may not receive any commissions of any kind.
Who is charged with rehabilitating or liquidating insurers where necessary?
Office of Insurance Regulation
An agent may be permitted to do all the following (EXCEPT)
Receive commissions from companies for which he is not yet appointed
The following penalties may be imposed upon an agent by the Chief Financial Officer EXCEPT:
Revocation of the agent's company contract
Which of the following is sometimes called the American Agency system?
The Independent Agency system
The Financial Services Commission consists of all the following except:
The Insurance Commissioner
Florida law requires continuing education for all agents. Which of the following is true concerning an agent who has five years' experience and has earned the Chartered Life Underwriter designation?
The agent needs 24 hours of continuing education
Which of the following would not be found in the policy summary?
The beneficiary
Which of the following statements concerning an agent's license is not correct?
The insurance license is suspended automatically for bankruptcy
Which is true about the agents' change of address rule?1. The agent must notify the OIR within 30 days.2. The agent must notify the OIR within 31 days.3. There is a $250 fine for violating this rule.4. The agent must notify the OIR of his/her change of company
1 & 3
Which of the following are true?1. Notification to the Department of Insurance is required within 30 days of change of address.2. Notification to the Department of Insurance is required within 30 days of change of company.3. An agent will lose licensure as a result of 1 year non-appointment.4. An agent will lose licensure as a result of 4 years non-appointment
1 Notification to the Department of Insurance is required within 30 days of change of address. & 4 An agent will lose licensure as a result of 4 years non-appointment
An insurer may not deliver a policy, application, certificate rider, endorsement, or annuity contract until such forms have been approved by the Office of Insurance Regulation, and such forms have to have been filed with the office at least how many days before delivery to a consumer?
30 days
A licensed and appointed agent may share his commission with:
A licensed and appointed agent who works in the same line of business
Fraud can involve the unintentional concealment of a non-material fact on an application.
False
An agent's obligation to handle funds of a client or insurance company honestly and fairly and not use them for the agent's own purpose is called:
Fiduciary responsibility
Will the annual premium required for a 3% reserve interest assumption be greater or smaller than for a 3 1/2% reserve interest assumption?
Greater
Which areas of insurance have most frequently been plagued with unauthorized insurers:
Health Insurance
What would cause the Chief Financial Officer to conduct a hearing?
If he has reasonable cause to believe you have defamed an insurance company REASONABLE CAUSE
Defamation is all the following EXCEPT:
It is not meant to be maliciously critical
Regarding group health, an agent is permitted to charge a consulting fee in lieu of receiving a commission if
all of the above are correct In lieu of receiving a commission an agent is allowed to negotiate a fee based arrangement if: 1. the compensation is based on a written contract between the agent and the party being charged the negotiated fee 2. maintains records of the agreement for three years 3. the agent rebates to the third party she is consulting the commission received within 30 days of receipt
If an unauthorized insurer fails to pay part or all of the claim, who is responsible for paying the claim?
any agent involved in the transaction who knew, or reasonably should have known, that the insurance contract was made with an unauthorized insurer
Any activity limiting a client's free choice regarding transacting insurance is
coercion
The Office of Financial Regulation has the authority to issue all of the following except:
injunctions
During an investigation, the Department of Financial Services and the Office of Financial Regulation may do all of the following except:
issue an injunction
Which of the following would make rebating a prohibited practice?
maintaining copies of all rebating schedules for the most recent 3 years
All of the following are characteristics of a mutual insurance company except:
management elects the board of directors
All the following are major areas in which the Chief Financial Officer and the Office of Insurance Regulation are involved except:
regulating banks with-in the state
Hoggie was licensed in March of 2010 and was appointed in April of the same year. In March of 2011 Hoggie gave up his appointment but maintained his license with the intent of returning to the business at a later time. What must Hoggie do to get reappointed in April of 2015?
retake the examination
Willful violation of the Insurance code is a:
second degree misdemeanor
The term agent may include all of the following except:
service representative
Which of the following is not an example of an insurable risk?
the loss must be catastrophic
